cullen resources

The Directors of Cullen Resources Limited (Cullen) are pleased to
announce that agreement has been reached between Cullen and Barrick
Gold Australia Limited (Barrick), a subsidiary of Barrick Gold
Corporation one of the world's largest gold miners, to form a joint
venture covering most of the Company's tenements in the Northwest
Ashburton Province, WA.

Under the terms of the Joint Venture, Barrick can earn a 70% interest
in the package of tenements for an expenditure of $5 million over 5
years, of which $350,000 would be committed in the first year,
subject to granting of two key tenements at Hardey Junction, E
08/1166, 1189. On Barrick reaching 70% interest, Cullen can maintain
30% or dilute accordingly to a minimum 10% free carried interest. At
a Decision to Mine, Cullen has options to convert its interest to a
Net Smelter Return.

Properties included in the Joint Venture are De Courcy (E 47/874,
875,1004)), De Courcy North/Horse Well (E 47/903, ELA 47/11540,
Hardey Junction (E 08/1145, ELAs 08/1166,1189,1327), Catho Well (ELA
08/1330), Cardo Well (E 08/1341) and Mount Stuart (ELA 08/1292)

The Hartley Junction property covers 30 strike km of Proterozoic age
Wyloo Group Shelf sediments and major WNW and NNW structures
prospective for sediment-hosted or "Carlin style" gold deposits, a
geological setting comparable to the Cheela Plains Project (Newcrest-
Sipa Resources International NL Joint Venture) and Sipa's high grade
Waugh discovery near Mt Olympus. At De Courcy, Cullen has detected
extensive gold anomalism in soils, rock chips and stream sediments in
the SE sector of the Wyloo Dome along one of the major gold corridors
of the Ashburton.

The agreement is subject to documentation and WA Department of
Minerals and Petroleum Resources approval.

Managing Director John Horsburgh commented "Cullen has been actively
exploring in the Ashburton since 1998 and has acquired tracts of
prospective but underexplored areas along major shear zones. We
welcome Barrick as a joint venture partner and look forward to some
exciting exploration. The entry of Barrick not only reflects the
emergence of the Ashburton as a significant new gold province but
also underscores the potential of Cullen's areas to host world class
gold deposits. Barrick is a major player in the Carlin Trend of
Nevada producing 2.2 million ounces of gold in 2001 from its
Betze-Post and Meikle mines."

For further information contact either Grahame Hamilton or John
Horsburgh on (02) 94374588 or fax (02) 9437 4599.

ATTRIBUTION

Information in this report which relates to mineralisation is based
on information compiled by Grahame Hamilton, a full time employee of
Cullen Resources Limited who is a Member of the Australian Institute
of Geoscientists and has relevant experience as a Competent Person as
defined in the Australasian Code for Reporting of Identified Mineral
Resources and Ore Reserves in relation to mineralisation being
reported on.